A procedure for settling by arbitration a dispute between parties within the Lloyd’s community.

Individuals, not being insurers, who are admitted to Lloyd’s Underwriting Room for business purposes, e.g., as accountants or solicitors.

Deals with General Average and cargo claim due to collision.

The commission that is payable to a broker for placing an insurance or reinsurance contract with an insurer or a reinsurer. Compare fee for service. Although brokerage is payable by the insured as part of the gross premium the amount of brokerage is agreed by the insurer. The insured may request his broker to state the amount of his brokerage on a given placement. Similar considerations apply to reassured under reinsurances. Sometimes the term brokerage may be used to refer the business of a broker.

At Lloyd’s, brokers act as the agent of the insured or reinsured to arrange insurance or reinsurance with Lloyd’s syndicates. Brokers may be registered Lloyd’s Brokers who are able to enter into terms of business agreements with any Lloyd’s managing agent. Non-Lloyd’s brokers may also enter into terms of business agreements subject to the managing agent assessing that the broker meets certain minimum standards. Only brokers registered as Lloyd’s Brokers may refer to themselves as a Lloyd’s Broker. Many broking firms are also approved by Lloyd’s to act as a cover holder (See Cover holder).

The primary rules made by the Council of Lloyd’s regarding the conduct of insurance business at Lloyd’s.

A trust fund that is maintained in Canada for the protection of holders of insurance policies covering Canadian risks. It is a premiums trust fund.

The restaurant at Lloyd’s, so called from the room at Lloyd’s Coffee House which was originally used as a meeting place for seafaring men and a venue for the sale of ships and goods by auction.

A book which stands in the centre of the underwriting room and which records details of vessels which are or are likely to become total losses. The entries are made a by Lloyd’s waiter using a quill pen.

Insurance certificates issued by the Committee of Lloyd’s. They facilitate the payment of claims abroad.